What Trump’s EU Trade Talks Mean for the Shoe Industry

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On the North American Free Trade Agreement talks with Canada and Mexico, Treasury Secretary Steve Mnuchin said he was "hopeful that we'll have an agreement in principal in the near future".

US President Donald Trump and European Commission President Jean-Claude Juncker announced they have agreed to work towards "zero tariffs" and "zero subsidies" on non-car goods.

Earlier in the Oval Office, Juncker told Trump that the two trading partners were "allies, not enemies" and said they needed to work together to address recent frictions involving Trump's threats to impose tariffs on auto imports and European Union plans to retaliate.

In Beijing, Chinese Foreign Ministry spokesman Geng Shuang said trade disputes should be resolved through talks on the basis of mutual respect and equality. "You're not going to be too angry with Trump, I can tell you", said Trump. As part of the deal, the EU has agreed to buy more soybeans and liquid natural gas from the US, while the States will presumably stop threatening additional tariffs on European automobiles.

Tariffs threaten more than $3.8 billion in IL exports, according to the U.S. Chamber of Commerce, and major companies including Caterpillar and Boeing already have been negatively affected.

If it holds, the US-EU pact could allow both to focus on China, whose economic rise threatens both.

Commerce Secretary Wilbur Ross, briefing reporters aboard Air Force One, said more jobs have been created by the steel and aluminum tariffs than are being lost and he said the tariffs were instrumental in the European Union talks.

In an attempt to assuage some of those concerns, Trump Wednesday announced that he has secured major trade concessions from European Union officials as part of an effort to head off a trade war between the US and the E.U.

European Central Bank chief Mario Draghi called the tentative truce a "good sign, because in a sense it shows that there is a willingness to discuss trade issues in a multilateral framework again".

Germany unsurprisingly hailed the decision, given that their world dominating auto industry was the first in line to be punished by Trump's protectionist offensive. "We're trying to sort through a lot of the chaff to get down to the real heart of the issue to make this thing a little more equitable".

Gare Montparnasse: trafic interrompu après un incendie
D'autre part, la SNCF va oeuvrer pour faire circuler un nombre réduit de trains à Montparnasse, dans la journée. Sur les panneaux d'affichage, la plupart des trains affichaient dans l'après-midi des retards de 2 à 3 heures.

Williams relayed his concerns to Larry Kudlow, the director of the National Economic Council, and Peter Navarro, one of president Trump's top trade advisers, when the two advisers met with House Republicans Thursday morning to debrief the lawmakers on the European Union deal and American trade policy going forward.

United States stocks closed the day mostly lower on Thursday, despite rallying after the announcement, as investors were cautious that the trade threat had fully receded. All three carmakers slashed profit forecasts in part due to higher supply costs due to United States tariffs on steel and aluminium.

However, it "may not be necessary" to impose the tariffs.

The European Commission is preparing to impose import duties on American products worth $20 billion if Washington imposes duties on vehicle imports from the EU.

"They want to work together with us on China and they want to help us reform the WTO (World Trade Organization)", the official said.

As part of the deal, the United States and Europe will work together on China.

"[Trump]'s a great negotiator, he did a good job", said Rep. Roger Williams, R-Texas about the move to soften the administration's stance on some goods.

Republican Sen. Todd Young said he understands what the administration is trying to do with the payout program, but "Hoosier farmers need fair and accessible export markets, not handouts".

But he also cautioned that the USA is watching China's currency movements for any sign Beijing is manipulating the yuan.